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Fewer than 500 Flats Available to Rent in Manchester

December 7, 2021

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Article Summary

Manchester
  • With only 427 apartments available for rent in October, the buy to let market in Manchester is breaking records.

  • Rents for studio and two-bedroom flats increased by 6% just between August and October of this year.

  • In the three months to October 2021, the rental price of an average three-bedroom build to rent apartment increased by 14% over the previous period.

As of October 2021, there are fewer than 500 flats available in Manchester’s rental market, says a new report. The study, which was led Urbanbubble, shows that Manchester’s buy to let market is booming as demand struggles to keep up with supply.

Record-breaking demand

With only 427 apartments available for rent in October, the buy to let market in Manchester is breaking records. According to the new report, this is the lowest number on record.

Urbanbubble also found that demand is particularly high for studio, two- and three-bedroom flats in Manchester. These findings suggest investing in property of this type would be a sensible decision for landlords in the city.

And this demand is pushing up Manchester’s rental yields. In fact, rents for studio and two-bedroom flats increased by 6% just between August and October of this year.

Build to rent overachieves

Performing even better are build to rent properties in Manchester. A popular way to invest in property, build to rent developments can be bought off-plan and therefore have lower upfront costs which result in higher rental yields.

In the three months to October 2021, the rental price of an average three-bedroom build to rent apartment increased by 14% over the previous period. This kind of property now generates rents of £1,999.30 per month.

City centre resilience

The strong buy to let market in Manchester is testament to the city’s ongoing economic strength. Gemma Price, director of residential for Urbanbubble said of the study’s findings: “Since the easing of lock-down we have seen a huge spike in demand for high-quality city centre homes. We believe this spike originates from pent up demand that has been building throughout lockdown.”

Talking of the resilience of the city centre and why it’s still such a hotspot to invest in property, Gemma said: “Young professionals are seemingly tired of living out of the city and are returning, in huge numbers, because they want to be near, and involved in, the ‘buzz’ a city has to offer.

“It also appears they want more for their money, more than just a home, customers want a place to socialise, get fit, exercise and entertain.”

Increasing investor demand

The rising demand isn’t just from prospective tenants. Build to rent specialist developers, Salboy, who led on such exciting purpose-built Manchester buy to let projects such as Fifity5ive Queen St and Local Crescent, are also seeing “high levels of reservations” from people looking to invest in such property.

Managing director of Salboy, Simon Ismail, explains that the high demand for their properties from both tenants and investors is because they provide the amenities people now expect. He said: “People want more from their homes; they need a concierge, places to get their Uber Eats and Amazon deliveries and areas to chat to neighbours and relax.

“They want to live in the middle of things, where life is, and Manchester and Salford are where it’s happening.”

Get in touch

Take advantage of the high demand before property prices rise even further. Contact North Property Group now and invest in Manchester property today.

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